So, is this bailout plan justified?
Because of my position as a pastor, readers will know, I don’t express opinions on such political matters.
But I can tell you, I have been chagrined by some of the mentality surrounding the current crisis, which has also seen the devaluation of stocks and mutual funds, on which many retirees and potential employees plan on using in their retirement years.
I have also been saddened to see more than 1.2-billion Americans lose their jobs.
But I also think that the crisis presents the US economy an enormous opportunity to retool itself, beginning within our own thinking about money, finances, and the economy, and do so in ways that we might have found impossible to consider changing just last year.
Mark Thoma has the rundown of informed reactions. A bailout was necessary — but this bailout is an outrage: a lousy deal for the taxpayers, no accountability for management, and just to make things perfect, quite possibly inadequate, so that Citi will be back for more.
This is just an echo of an obvious observation at this point – here we go again saving a corporation that worshiped at the alter of unregulated free market capitalism, but they’re (executive management) not taking the responsibility for their failure. On the the other hand we have as many as 3 million auto industry related jobs that might go down the tubes – because of the decisions made by a small percentage of numskulls at the top of the food chain.
Perrspectives has a related salute to our Master of Business Administration President, The Decline and Fall of the First MBA President
And to be sure, our first MBA President’s business defeats were myriad. But unlike most entrepreneurs, George W. Bush as CEO always had someone to bail him out.
Consider the Bush family connections and all of the luck and good fortune that goes with it. Despites his failures as an oil man, Bush reaped one windfall after another. When Dubya ran afoul of the SEC for his insider trading while at Harken Energy, it was Bush family consigiliere James Baker and his friends at the law firm of Baker Botts who kept him out of legal hot water. And during the 2000 Florida recount, those same connections, and not his competence, made George W. Bush the 43rd president of the United States.
Citigroup,, AIG, The Big 3 auto executives and Bush are all possessed by this remarkable and dnagerous level of narscissism. Their judgement is beyond reproach – they are gurus of the market and the way it should work. Also from Perrspectives this quote from early in Bush’s presidency from the normaly rational Walter Shapiro,
Few Democrats have faced up to the reality that Bush and his fellow Republicans know how to manage the government. Stephen Hess, a scholar of the presidency at the Brookings Institution, says, “This is the best-run White House since Eisenhower”…
…Our first MBA president grasps basic truths about how praise and simple thank-yous help build a cohesive team.
Unfortunately i remember quite a bit of this kind of genuflecting at predections and subsequent observations of Bush’s first few years in office. Bush had assembled the A Team of government management. Taxes would be low, regulation gutted, the economy would boom and we’d all live happily ever after. Who was responsible for the financial crisis?
Much fault can be laid on the high-flying companies and on Alan Greenspan’s Fed which refused to start writing any regulations on the home mortgage market until last December and even then, they were not in place until mid-2008
Well yea, but little Alan was a Bush appointee. Put in place at the Fed because he dispensed the kind of pablum that Bush favored.
The Holier Then Thou Astute Clown. According to mainstream Protestant and Catholic doctrine, a blasphemous clown at that. Those quotes from The right-wing Astute Blogger are in response to this pathetic excuse for a news story at Politico, Obama skips church, heads to gym. of all the things happening in the world this event must have just screamed urgent, must know news flash to Jonathan Martin and Carol E. Lee. Amy Sullivan writes for The New Republic
Around Washington, D.C., it’s considered bad form to point out that Bush doesn’t regularly attend church. “You don’t have to go to church to be a good religious person,” argue his defenders. And they’re right. They have made much political hay, however, over polls that indicate Democratic voters attend church less frequently than Republicans, so even the most brazen feel compelled to offer explanations for Bush’s absence from church membership rolls.
The very fact that the president doesn’t attend church, some leading conservatives insist, is proof of what a good Christian he is. Unlike certain past presidents they could name but won’t–ahem, cough, Bill Clinton–Bush doesn’t feel the need to prove his religiosity. “This president has not made an issue of where he goes to church,” says Michael Cromartie of the Ethics and Public Policy Center. “I find it refreshing that we don’t have a president coming out of church with a large Bible under his arm.”
Just another chapter in the play that never closes – Its OK When A Republican Does It. The logic ( we’ll be generous for now and call it logic) that any president that misses church attendance on occasion is a “PSYCHOPATH” means that Bush is a PSYCHOPATH – the caps are the Astute Bloggers. The National Review wrote about Ronald Reagan and his lackadaisical church attendance,
As president, Reagan did indeed attend church only irregularly, explaining that he disliked the distraction that his presence and security detail always caused. Yet once he left office, he went straight back to attending Bel Air Presbyterian, the church he and Mrs. Reagan had attended before leaving California for Washington.
The more important point, though, is that church attendance was never an index of Reagan’s faith.
So using our new improved “Astute” logic Reagan was a PSYCHOPATH and AMORAL PERSON WITH NOT A SHRED OF INTEGRITY – HIS ATTACHMENT TO HIS BIRTH FAMILY AND TO CHRISTIANITY IS A SHAM. Reagan wasn’t above a little actual paganism since he never really explained away his fascination with astrology. Kevin Phillips who voted for Raygun twice wrote this after reading his diaries,
On the quirky side, the 1988 flap over the Reagans’ interest in astrology gave some church groups pause — the Southern Baptist Convention briefly considered withdrawing the speaking invitation it had extended to him — and it must be said that Reagan’s easy dismissal of the astrology question in these diaries is too brief to be convincing.